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The BRICS Challenge?
It seems that in every generation there are declinists--those who believe that the US is in decline. The current wave tends to focus on two concepts. The first is secular stagnation, resurrected by Lawrence Summers earlier this year. The concept was forged during the Great Depression and was subsequently refuted by experience as the US entered a long expansion wave. Summers argues that in recent decades the only way that stagnation was avoided was by the creation of bubbles. At the risk of over-simplifying, our take was two-fold. First, like Paul Kennedy's Rise and Fall of Great Powers, what was ostensibly applicable ... (full story)